“…Innovative initiatives, especially R&D activities, are the important parts of productivity growth (Griliches, 1981;Sadeghi, Azar, & Sepehri Rad, 2012;Stokey, 1995;Wang & Wu, 2012;Wang, Yu, & Liu, 2013) and since the mid-1990s -at the same time as the information technology revolution -high-tech industries have been playing a significant role in economic development (Griliches & Mairesse, 1984;Lichtenberg, 1992;Nadiri, 1993;Ortega-Argilés, Piva, Potters, & Vivarelli, 2010;Tsai & Wang, 2004;Wang et al, 2013).…”